Entrepreneurship: Jeff Bezos and Amazon

This article discusses the concept of entrepreneurship and its impact on the economy and society. It focuses on Jeff Bezos, the founder of Amazon, and his successful entrepreneurial journey. It also explores the innovative products and services introduced by Amazon in the market.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
A) About the Entrepreneur..........................................................................................................1
B) About the Entrepreneurial Organization ...............................................................................4
C) About Contribution to the Economy and Society .................................................................6
CONCLUSION AND RECOMMENDATIONS............................................................................7
REFERENCES ...............................................................................................................................9

INTRODUCTION
Entrepreneurship is refers to the activity of setting a new business with the aim of
generating huge returns. Mainly, it is an effective process of designing, launching a new business
that serve new and innovative products in market place to make a huge profit at market place. In
addition to this, it is consider as a capacity and willingness to create, organise and manage a
business activity along with risk in order to generate huge profitability level. An individual, who
create innovative ideas and take risk called entrepreneur (Parker, 2018). They have ability to run
a new business with the aim of enhancing the productivity level and at the same time also create
huge opportunities in-front of people by creating various job opportunities. Current report is
based on Amazon. Com, Inc. is a famous Amarican multinational technology company operate
their business in over the world. It is located in Seattle, Washington and focus on cloud
computing, e-commerce digital streaming and artificial intelligence. Mainly, Amazon is a world's
largest online marketplace that provide various services to consumers as per their needs and
wants. This company was founded in June 5, 1994 by Jeff Bezos that serve worldwide area.
Furthermore, company is largest internet company in relation to revenue in the entire world and
also most valuable company that provide best services in market place through online platform.
In addition to this, report is going to discussed about the entrepreneur along with its personality
traits. Brief discussion about the entrepreneurial organization and its contribution to the economy
and society is also mentioned in this project. At last, conclusion and recommendations is also
discussed here for further improvement.
MAIN BODY
A) About the Entrepreneur
Jeff Bezos is an American internet entrepreneur, investor, industrialist, and media
proprietor. As he is famous and successful entrepreneur and also known as the founder, CEO and
president of Amazon multinational company. He was born in January 12, 1964 and in 2017 he
has been the world's richest person and also known by richest man in modern history. Currently,
his company is famous and world's largest online sales organization and largest internet company
by its revenue. His successful business venture made him one of the richest people in the world.
Personality traits of the entrepreneurs
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Entrepreneurship is consider as an important activity to operate and run a new business in
order to attain success at market place. In this regard, a person who take risk and create new
ideas called entrepreneur as they always find an innovative ways to organise their business. This
can be beneficial in improving the performance level of their venture (Burns, 2016). In context
of this, there are are various factors that directly contributes to the overall success of an
entrepreneurs as they operate or launch their business. As factors are related with timing of
launching a new business, how competitive their market and the amount of capital that are able
to obtain. In relation to this, Jeff Bezos is a successful entrepreneur as he have ability to run
their business in an effective way. Some personality traits of Jeff Bezos that made him
successful within their business:
Hardcore realist: In order to run a new business, this personality trait is important to have
an entrepreneur. In relation to this, Jeff Bezos has the most crucial personality as it is a realist
man and also weighs all the possibilities. Before running or launching their business in the
market Bezos had accepted that business might be fail and investment would go down. But he
has the habit to take risk and also recognise the adverse impact and take the decision as per their
ideas. Now he is world's successful entrepreneur of World leading Amazon company.
Risk taker: This type of personality trait is also significant to made entrepreneur
successful in market place. Jeff Bezos has this type of personality as he made up his mind to start
up their own business as he had no proper money at a initial stage. As he knew that there was
huge chances of failure but at the same time his perseverance did not let him back out from the
risky situation. Now, he is one of successful and richest man in the entire world.
Highly competitive: It is one of the most renowned trait and quality of Jeff Bezos as he is
a competitive man. He set their aims to eliminating the crave competition in market. His
company, Amazon has targeted a fellow competitors dealing with child products as they cut
down their prices of the products to eliminate their competitors. This is the reason that Jeff Bezos
come out on top as a winner in market and generate huge profitability.
Entrepreneur recognise the opportunity
An entrepreneur discover huge opportunities when they search ideas in existing markets.
In this evaluating as well as recognising the opportunities is one of the cognitive process that
help in increasing the possibilities of attaining success (Kuratko, 2016). In relation to this,
recognise entrepreneur opportunities is first step for an individual who is going to start a business
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with the aim of generating huge profitability. Mainly, a new business is always focus in
introducing innovative products in market that may contributes in inviting more and more
customers towards its services. As opportunity concept has give much important to the outcomes
as it includes creating new ways and at the same time also develop a new products. This can
provide path to run its new venture through which entrepreneurs can generate returns and
increase the possibilities of attaining competitive success (Read and et. al., 2016). Furthermore,
opportunities recognition is refers to the attributes that is under personal control of the
entrepreneurs. As it also includes intrinsic and extrinsic factor analysis that help entrepreneur to
understand their personal traits and at the same also support in determining the area to set up
their new business in competitive market. Thus, it is crucial for entrepreneurs to evaluate the
opportunities before launching a new business so that they can easily attain success at market
place and make their new venture more effective and successful as well. In addition to this,
entrepreneurs also create opportunities at the time they engage with others in presenting ideas.
As it is also refers to the social process that based over the ability of an entrepreneur interact with
others and determine the area for success. In relation to this, there are two ways that used by
entrepreneur to recognise opportunities such as discovering and creating. As it is totally based
over the people who start a business to understand that what is the foremost suitable for them.
Innovative products/services introduced in the market
Amazon. Com, Inc is a famous online company that operate their business in almost over
the world. The main focus of this organization is to serve best quality and innovative products so
that large number of people can easily connected with that. It may support in maximising the
profitability level at market place. Along with this, company started as an online marketplace to
sell software, video games, electronics, apparel, furniture, toys, food and jewellery. This will
directly contributes in increasing its footprint as a physical retailer and make its brand image
more competitive. Furthermore, Echo, Fire table, Fire TV, Fire OS, Kindle are the main products
that serve by company in market place (Kraus and et. al., 2018). As it provide assistance in
increasing its profit ratio and at the same time also enhance its customers base. Apart from this,
there are various services such as Amazon.com, Amazon Alexa, Amazon Appstrore, Amazon
Music, Amazon Prime, Amazon Prime video, Amazon Web Service. All these services are
provide by company in market place to sustain in competitive market for longer period of time.
With the help of this, firm can capture larger market share and also enhance its profitability level.
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B) About the Entrepreneurial Organization
Entrepreneur build the entrepreneurial team
Entrepreneurial team play a significant role in running a new venture as it consist two or
more than person have a common interest and also commitment to a venture success. Along with
this, their work is also interdependent in the pursuit of all the common goals and business
success. Thus, it is crucial for entrepreneurs to build an effective team so that they can generate
larger profitability level by managing any kind of uncertain aspects and situation. Without right
team, an entrepreneur is not able to sustain for long in market place (Burns and Dewhurst,
2016). This means that entrepreneur not only invest their money or time into getting employee to
work bit he also required to get right people so that each and every activities of new business can
be easily carried out. In this context, there are some important ways that must have an
entrepreneur to build a team. These are as follows:
Ensure that people with the right approach and attitude: After launching a new business,
every entrepreneur wants to pick right people along with appropriate approach and attitude as it
may increase the possibilities of attaining all the set targets in an effective manner. For this,
entrepreneur is responsible for recruit a survey on the basis of performance or out source the
work from reputed HR agency. In addition to this, now a days with the use of modern technology
entrepreneur can check the compatibility the competency and skills of candidates at the time of
interview process. Along with this, different psychometric and personality tests is also can used
to select a right one who is fit to the team. By this, entrepreneur can easily build an effective
team that contributes in attaining all the group task and targets as well.
Proper team engagement: It is one of the crucial way that needs to be used by
entrepreneur to build an appropriate team. In this, the main focus of entrepreneur is to influence
their team members to take participate within the organization activities. This can be effective in
improving team engagement and at the same time also improve their performance as well. For
attaining the same, proper training and development activities and workshops are also organize
by entrepreneur for workers so that they enhance their new skills and also upgrade their existing
skills (Welter and et. al., 2017). It may directly contributes in developing team members
engagement with others and at the same time also make them connected with them. With the
assistance of this, team can attain their targets in also increase possibilities for running a
successful venture in marketplace.
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Be the ideal leader: An effective leadership play a significant role in team building. This
is the reason that entrepreneur needs to be a leader and tries to encourage their employee give
their best efforts. As higher level of motivation can improve team performance and they do well
for attainment of their set targets in an appropriate period of time. Proper leadership may support
in making team effective that contributes in successfully running the new venture in market
place.
Entrepreneur’s role as leader and what it takes to become a successful leader
Entrepreneurial leadership is refers to the organizing as well as motivating a group of
people in order to attain a common goals by implementing innovation and optimising risk
aspects and also take advantage of opportunities and at the same time also manage the dynamic
organizational environment (Etzkowitz and Zhou, 2017). In context to this, there are some
important role of entrepreneur as a leader are as follows:
 Successful leader has a vision: At the time of running their new venture, an entrepreneur
has clear vision that give proper direction to team members in performing their activities.
With the help of clear vision, an entrepreneur become a successful leader that assist in
attaining success in their new venture.
 Successful leader communicate well: It is important for entrepreneur to communicate
well with others as it assist in encouraging two way communication between team
members and entrepreneur as well. To become a successful leader, it is important role of
entrepreneur to interact with other and keep them aware about all the vision and goals.
This can be contributes in eliminating the possibilities of arising issues and conflicts in
attainment of set objectives.
 Successful leader supports the employees: In a new venture, an entrepreneur act as a
leader as they encourage their employees and also guides them so that they can easily
handle their activities without any kind of fear (Storey, 2016). In addition to this,
entrepreneur also provide them appropriate feedback in order to ensure them positive
attitude and actions. It leads in enhancing the team activities and performance as well.
Entrepreneur grow the business
In a globalised world, every entrepreneur wants to grow their business at global level as it
may provide opportunities to enhance their performance level. Mainly, entrepreneur is
responsible for analysing business environment and market activities wherein they wants to
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launch their new venture. As it provide opportunities to improve their business activities and also
provide chances to attain competitive advantage from its rivals. Along with this, proper market
analysis is also important for entrepreneur to evaluate that support them in determining the area
in which entrepreneur can established their new venture (Chowdhury, Audretsch and Belitski,
2019). Furthermore, proper and enough fund is also crucial at the time of developing as well as
running a new venture. Thus, entrepreneur is responsible for keeping enough fund in launching
its new business as it may eliminate the issues that can be arise at the time of operating venture.
With the assistance of this, an entrepreneur can easily established its successful business in
market place.
C) About Contribution to the Economy and Society
Evaluate the contribution to the economy
Entrepreneurship is refers to the process of creating as well as developing a new business
that put huge impact over the betterment of economy and society as well. As it is stated that
entrepreneurship and economic growth is liked with each others because it support in generating
wealth and also improve the living standard of local people. In addition to this, entrepreneurship
is significantly contributes in sustainable economic development by creating various job
opportunities for local people, reduce poverty, develop living standard of people, increase in
GDP and enhance society welfare. Furthermore, it is also help in driving changes with
innovation in which new and quality products are developed and also enable new market. In
context to this, there are some major contribution of entrepreneurship over the economy and
society are as follows:
 Job creation: For economic development, entrepreneurship is one of the important
activity as it provide various benefits to local people by generating employment. As it
also create new technologies and area in which job creation is crucial to attain success in
market place. When an entrepreneur operate their new venture then they required
employee for continue the same (Ateljevic and Page, 2017). For this, new business arise
the opportunities of new jobs for people so that they can easily manage their living
standard and at the same time also reduce poverty within the nation.
 Wealth creation: Entrepreneurship is refers to the effective way to create wealth in the
economy as new and improved products and services from entrepreneur may help in
enable new market to be developed that directly contributes in creating wealth. This will
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improve the living standard of people that help in developing the economic growth of the
nation.
 New production innovation: Entrepreneurship is an effective way to create or develop
new products that help in capturing customers attention and also influence them to but the
same. By offering unique goods and services entrepreneurs can easily break away from
tradition. As s result in improving quality of life of people, enhance their morale and also
greater economic freedom (Terjesen, Hessels and Li, 2016). All these are beneficial in
developing economic growth and also enhance social welfare.
 Identifying existing opportunities in the market: Entrepreneurship play a crucial role on
society and market development, as it help in providing innovative goods and services to
satisfy customer needs and at the same time also improve their livelihoods. For
attainment of this, entrepreneurs undertake market research that provide information
about existing customers needs. It can be beneficial in improving the living standard and
also make market more competitive because of innovative products.
Evaluate the survival issues
As per current scenario, whole world are facing COVID-19 pandemic situation as it also
affect the entire activities of entire world. In addition to this, it also affect the each business
industry in various different ways. Due to this issue, companies are closed that operational
activities because they fails in handling this type of pandemic situation. In this issue, employee
are loosing their jobs and at the same time also suffer from this hard situation. As it also put
negative impact over the economic growth of the nation. It may increase unemployment within
the economy. In organisational context, due to COVID-19, employee of company is also get
demotivated because they doesn't get fair salary and wages on time. Due to this, company also
reduce its image in market place. Thus, it is crucial for Amazon to provide fair values to their
employees and provide them assistance at the time of undertaking task activities. This can be
beneficial in making employee productive and motivated so that they can easily handle their
current activities. In addition to this, company also responsible for analysing all the necessary
aspects and activities present in the market place. With the help of this company can easily
provide values to its target customers and established positive image in market place.
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CONCLUSION AND RECOMMENDATIONS
From the above mentioned report it has been concluded that entrepreneurship is one of
the important process of launching as well as running a new business. As it provide opportunities
to expand their activities by generating huge returns. In addition to this, an individual who have
ability and willingness to take risk and convert into more profits called entrepreneur. Mainly, it is
crucial for entrepreneur to recognise the opportunities before running its business activities
because it provides area for attaining success and make their business more successful. Apart
from this, every entrepreneur have personality traits that made them effective and efficient in
operating its new venture. Therefore, entrepreneurs needs to build an effective entrepreneurial
team so that each and every activities of new venture can be easily implement in market place.
Entrepreneurs should evaluate and analyse the appropriate area for growing their business. As it
required enough fund and resources that contributes in enhancing the possibilities of accomplish
success at market place. Furthermore, for attaining competitive success in market place,
entrepreneur needs to undertake market research before launching its new venture as it help in
providing all the necessary information about the customers and market trends as well. This will
directly contributes in developing overall performance of the company in competitive market
place.
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REFERENCES
Books and journals
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship. Taylor &
Francis.
Kraus, S., Palmer, C., Kailer, N., Kallinger, F.L. and Spitzer, J., 2018. Digital entrepreneurship: a
research agenda on new business models for the twenty-first century. International
Journal of Entrepreneurial Behavior & Research.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Welter, F., Baker, T., Audretsch, D.B. and Gartner, W.B., 2017. Everyday entrepreneurship—a
call for entrepreneurship research to embrace entrepreneurial diversity.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Storey, D.J. ed., 2016. Entrepreneurship and New Firm: Theory and Policy. Routledge.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1), pp.51-81.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
and research agenda. Journal of Management, 42(1), pp.299-344.
Liang, J., Wang, H. and Lazear, E.P., 2018. Demographics and entrepreneurship. Journal of
Political Economy, 126(S1), pp.S140-S196.
Wiklund, J., Wright, M. and Zahra, S.A., 2019. Conquering relevance: Entrepreneurship
research's grand challenge.
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